This Bitcoin (BTC) $100,000 Model From Early 2020 Still Valid, Data Says

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As a researcher who has been closely following the cryptocurrency landscape for over a decade now, I must say that the current state of Bitcoin (BTC) is nothing short of fascinating. The imminent milestone of its Energy Value reaching $100,000 is a testament to the foresight and accuracy of Charles Edwards’ model, which he brilliantly predicted five years ago.

Bitcoin (BTC), the leading cryptocurrency, is nearly achieving a significant breakthrough. For the very first time, its Energy Value, representing the raw electricity required for mining, is surging towards $100,000. Five years ago, the creator of the Energy Value model accurately foresaw this development.

Bitcoin (BTC) hits $100,000 in energy value, model works like clockwork

The monetary worth of a single Bitcoin, estimated by the actual energy consumption in its mining process, is reaching unprecedented levels. Analyst Charles Edwards from Capriole Investments predicts that this value could surpass $100,000 for the first time since the inception of Bitcoin nearly 16 years ago.

Bitcoin Energy Value, the value of Bitcoin in raw Joules, is knocking on $100K for the first time ever.

— Charles Edwards (@caprioleio) October 28, 2024

According to an article published by U.Today in mid-February 2020, it was Edwards who presented a positive outlook for Bitcoin’s network growth. Remarkably, the founder of Capriole Investments had forecasted that this metric would potentially reach $100,000 by the year 2025.

The model takes into account various factors such as the efficiency levels of cutting-edge mining equipment and the combined processing power (hashrate) of the Bitcoin network.

Currently, both the challenge level and the mining rate, which show miners’ dedication, are at unprecedented peaks. The difficulty of Bitcoin (BTC) recently soared to an astonishing 95.67 trillion after its latest adjustment, while the hashrate surged to a staggering 925 exahashes per second last week.

Earlier, Bitcoin’s (BTC) price moved in tandem with the Energy Value Chart, which suggests that an upward trend on this chart could be a positive sign for Bitcoin (BTC) enthusiasts.

Bitcoin (BTC) price struggles to conquer $69,000

Currently, the Bitcoin price is making an effort to break through the pessimistic barrier at around $69,000. A short while ago, it momentarily spiked up to $69,212 according to CoinMarketCap, but subsequently dropped back down to roughly $68,600.

At the current moment, the leading cryptocurrency is being traded at approximately $69,700, marking an increase of 1.9% over the past day. Notably, Bitcoin has shown stronger performance than the market average which experienced a 1.4% rise.

Following the recent news about Tether’s uncertainty, the Cryptocurrency Fear and Greed Index has once again moved into the “greed” territory, standing at 72 out of 100.

Over the past day, the trading volume for Bitcoin (BTC) nearly doubled, amounting to approximately $87 billion in equivalent value.

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2024-10-28 18:58